Keppel Land Q2 net profit up 87.5%
SINGAPORE - Keppel Land said yesterday its second-quarter net profit nearly doubled from a year earlier, driven largely by steady residential sales in Singapore and China and improved performance from K-REIT Asia.
Net income rose 87.5 per cent to S$94.7 million for the three months ended June, the Singapore-listed company said in a stock exchange filing. This brought first-half net profit to S$236.6 million, up 76 per cent on-year.
Revenue rose 25.1 per cent to S$130.3 million in the second quarter.
The company sold about 490 units in China in the second quarter of the year, more than double the 190 units in the first quarter. In the first half, Keppel Land sold 1,032 new homes, of which 678 were in China, 194 in Singapore and 160 in other countries.
Property trading surged 182-per-cent to S$199 million, on strong earnings contribution from Reflections at Keppel Bay and Marina Bay Suites in Singapore.
Net profit from property investment grew by 38.8-per-cent on-year to S$38.6 million in the first half, due to improved earnings from K-REIT Asia's enlarged property portfolio.
By Lynda Hong Ee Lyn
19 July 2012